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A famous critique of neglecting short-run analysis was by John Maynard Keynes, who wrote that "In the long run, we are all dead," referring to the long-run proposition of the quantity theory of, for example, a doubling of the money supply doubling the price level.
Prime Minister John Diefenbaker central bank monetary policy was directed towards increasing the money supply to cause low interest rates, and have full employment.
Trade, especially in cacao, brought money to the colony in the late 17th century in the form of coin from the Mexico money supply increased significantly after the Compañía Guipuzcoana de Caracas obtained a trade monopoly in 1729, and Spanish and Spanish-American coin became a common form of payment.